Nigeria bonds rise after Buhari's victory

- The bond rose as much as 0.8 cents in the dollar, an extension of more than 10 cents

- Buhari was declared winner of the election on the Wednesday, February 27

Nigeria’s dollar-denominated government bonds rose to 5-7 month highs on Wednesday, February 27, after President Muhammadu Buhari won a second term at the helm of Africa’s largest economy and top oil producer.

The country’s longer-dated bonds were up as much as 0.8 cents in the dollar to extend a more than 10 cents rally since the start of the year.

The last time the country’s currency traded at N184 naira against the dollar was in 2015 and many people were wondering what was responsible for this new figure being displayed in the evening of Friday, February, 22.